The housing market in the Greater Toronto Area (GTA) is tight due to fewer new listings than sales, leading to stiff competition among buyers and higher home prices than last year. According to the Toronto Regional Real Estate Board, sales in April 2023 declined by 5.2% compared to the previous year, but sales increased compared to March due to limited new listings, which decreased by 38.3% from last year. The average selling price of homes in the GTA in April 2023 was $1,153,269, a 7.8% decrease compared to last year but an increase when compared to March. TRREB urges the government to increase the supply of new homes to ensure the GTA remains affordable and livable.

2023 stands to be another strong year for sellers. If you're thinking about selling your home, being aware of the trends in the market will help you understand the strength of the market. 

Our monthly market update showcases everything you need to know about local real estate trends over the last month.